The founder of Skype and one of the biggest beneficiaries of the Facebook float have backed a plan to provide European start-ups with $100 million (£65 million) of free international cash transfers.

TransferWise, a technology company founded by Taavet Hinrikus, who was Skype’s first employee, will hand $100,000 of free international money transfers to 1,000 start-ups in the hope that the offer will boost its credibility in the technology sector against traditional banks.

The company, whose website states ‘bye bye banks, you’ve had your fun’, is aiming the promotion at early-stage European companies that need to keep costs at an